Best World International share plunge prompts query

Responding to a Singapore Exchange query about its share plunge yesterday, skincare and wellness company Best World International (BWI) quoted a current Bloomberg report about a crackdown by regulators on the marketing practices of direct-selling companies.

BWI was not named in the report, which followed a China State Administration for Industry & Commerce (SAIC) website announcement this week of a three-month campaign to police pyramid schemes.

SAIC’s statement followed news reports of a university student drowning after allegedly falling victim to a pyramid selling scheme advertisement on a recruitment website, reports The Business Times. The case is still under investigation.

BWI says that while it holds a direct selling licence, it has not yet converted its business in China to direct selling yet.

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.